Carlos Ghosn to Resign as Renault Director

Economy

Paris, April 3 (Jiji Press)--Carlos Ghosn, former chairman and chief executive officer of Renault SA, will step down as director of the French automaker, effective on June 12, the company said Wednesday.

Japan's Nissan Motor Co. <7201>, an alliance partner of Renault, plans to hold a shareholders' meeting next week to dismiss Ghosn as director. He was removed as Nissan chairman after his arrest in Tokyo in November for alleged financial misconduct.

Renault also said that an investigation into Ghosn's alleged wrongdoing found serious questions about certain expenses at a Dutch joint venture with Nissan. The expenses "may amount several million euros since 2010," Renault said.

The investigation also found that certain expenses incurred by Ghosn involve questionable and concealed practices and violations of Renault's ethical principles, the company said. It did not elaborate.

Renault confirmed that it has informed the French judicial authorities of "potential issues" concerning payments made to a distributor in Oman.

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Jiji Press